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SMEDAN Advises Young Nigerians on Entrepreneurship

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Young Nigerians aspiring to be entrepreneurs have been advised not to wait until there is a huge amount of money but instead take the bold step of starting small while having their eyes on the big stage.

Mr. Wale Fasanya, the Acting DG of SMEDAN, handed down this advice while presenting a lecture on Funding Models for SMEs in Nigeria during the occasion of the 70th birthday of Mr. Duro Kuteyi, the Managing Director of Spectra Industries Limited.

Fasanya while admitting that funding is one of the most critical challenges of SMEs however reiterated the commitment of SMEDAN to genuine SMEs who have exceptional business ideas that have the potential to strive.

“In SMEDAN, we will continue to push for the development of viable and sustainable funding models for MSME. This can only happen with strong partnership and alliance between government, Donors and private sector”, Mr. Fasanya hinted.

He however noted that a good entrepreneurs should not wait for external funding before pursuing their entrepreneurial initiatives stressing that the likes of Mr. Duro Kuteyi, the Managing Director of Spectra Industries who started by just putting a pot on a burner to fry plantain chip has ended up having a world class factory producing globally competitive brands that are today commanding both local and international patronage.

He described Mr. Kuteyi as a great dogged entrepreneur who has been consequential in the entrepreneurial landscape of Nigeria stressing that his contribution in terms of knowledge on Food processing and manufacturing as well as Food security in Nigeria has been commendable.

In his Speech, Mr Duro Kuteyi who is marking his 70th birthday and 30th anniversary of his company, Spectra Industries Limited called on the Federal government to come up with a realistic and sustainable policy that will help SMEs to overcome financing challenges as no nation develops without paying adequate attention to SMEs.

He decried the harsh business environment of Nigeria where SME operators are virtually left unprotected by government, exposed to unfair competition from multinationals, frustrated by harsh financing terms by banks as well as multiple layers of tax and other sundry charges by various levels of governments.

Kuteyi unfolded the plan of his company to embark on training other SMEs in food processing to broaden local Food processing and manufacturing in Nigeria as this will help address the problem of post- harvest losses and make seasonal crops available all the year round.

He therefore called on various levels of government to partner with his company to use Food processing in resolving one of the major problems of Nigeria, which is unemployment as well as resolve the issue of food security.

“In actual fact, insecurity and banditry has reached the level we are now because there are many idle hands who if gainfully engaged will not be interested in touting or banditry. As the Good book says, “The Devil finds work for the Idle hands or, “The idle mind is the Devil’s workshop” Kuteyi summited.

Kuteyi, who started modestly with the frying of plantain chips today has variety of products such as Suco Cocoa Powder, Spectra (Pure Natural) Cocoa, Hyfiba, Fast O Meal, and Sobake, some of which are being exported.

 


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New Horizons Invests N50m to Empower Almajiris with Skills

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New Horizons Nigeria has launched a N50 million initiative aimed at transforming 21 Almajiri children into skilled computer technicians within 90 days, to tackle youth unemployment and harness human potential.

The Almajiri-to-Tech programme, officially launched in Abuja on Monday, provides participants with full training, meals, clothing, tools, and logistics support, all fully funded.

Speaking at the launch, the Chief Executive Officer of New Horizons, Tim Akano, said the programme represents a new journey in the history of Nigeria by restoring the original purpose of the Almajiri system, which he described as “children sent out to seek knowledge.”

“The word Almajiri comes from an Arabic term meaning emigrant and seeker of knowledge. Historically, children were sent to learn morals, responsibility, and skills to add value to society,” Akano said.

He added that the disruption of this system during colonial times forced many children onto the streets, a challenge that persists today.

Akano highlighted the urgency of addressing the Almajiri issue, noting that there are an estimated 15 million Almajiris in the country, with a population growth rate of around three per cent annually.

“If we do not solve this problem as a country, we are sitting on a time bomb,” he warned.

According to him, the programme focuses on hands-on technical skills rather than theory. Trainees will learn to repair mobile phones, laptops, televisions, radios, standing fans, and other electronic devices, as well as build inverter batteries using recycled electronic waste.

“We are not teaching theory. We are teaching practical skills you can use to earn a living,” Akano said, stressing that the programme will not interfere with the participants’ Quranic education.

“We are still going to allow you, within the period of learning. Your learning computer here is not stopping your Quranic education.

“You still have time within our space here. Whenever you want to go and pray, you can pray, then come back to class,” the CEO stressed.

He added that participants will also receive daily meals, water, T-shirts identifying them as technicians-in-training, and access to all necessary tools and equipment throughout the 90-day programme.

Akano said the initiative is part of a larger mission by New Horizons Nigeria, which has spent the past 21 years training about 100,000 Nigerians annually in IT and related skills.

He said the new programme aims to “take human genius off the streets and convert it into human capital, enabling these youths to contribute meaningfully to the economy.”

He added that equipping Almajiris with skills could add 15 million people to Nigeria’s workforce and potentially increase the country’s GDP by as much as $20 billion, stressing that productivity depends on practical skills and opportunity.

“Everything that can be taught can be learned. If someone can memorize the Quran cover to cover, there is nothing that cannot be done. What they lack is information, opportunity, and infrastructure, and we are providing all of that,” Akano said.

Akano also stressed that the initiative is designed to inspire other organizations and government agencies to replicate similar programmes across the country.

“This is not just about 21 children; it is about showing Nigeria what is possible when resources meet intention and planning.

“If we succeed in empowering these Almajiris, we demonstrate that the country can turn social challenges into economic opportunities. It’s a blueprint for Nigeria’s future,” he said, noting that the initiative combines social reform, technical education, and economic empowerment.

Also speaking, one of the trainees, Fatima Umar, appreciated the organisers and promised to maximise the opportunity.

“We’ll make you proud of us. We have nothing to say here but to thank and appreciate you. May Almighty Allah continue to guide and protect you,” Umar said.


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IMF Upgrades Nigeria’s 2026 Growth Projection to 4.4%

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International Monetary Fund has upgraded Nigeria’s 2026 economic growth projection to 4.4 per cent, reflecting improved macroeconomic stability and sustained reforms.

IMF Upgrades Nigeria’s 2026 Growth Projection to 4.4%

IMF

The January 2026 World Economic Outlook Update forecasts Nigeria’s growth trajectory at 4.1 per cent in 2024, 4.2 per cent in 2025, and 4.4 per cent in 2026—a 0.2 percentage point increase from the October 2025 estimate.

This aligns with sub-Saharan Africa’s projected 4.6 per cent expansion in 2026 and 2027, driven by regional stabilisation efforts.

Globally, the IMF anticipates 3.3 per cent growth amid resilient conditions tempered by trade policy shifts and technology investments. For Nigeria, declining energy prices—expected to fall seven per cent due to weak demand—pose risks, though OPEC+ coordination and China’s stockpiling provide support.

Despite the optimism, downside risks persist from Middle East and Ukraine tensions, protectionism, high debt, and fiscal deficits. The Fund recommends rebuilding fiscal buffers, ensuring central bank independence, and limiting temporary fiscal measures to maintain stability.

Nigeria’s success hinges on consistent reforms and resilience against domestic and global shocks, the IMF concluded.


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Nigeria’s Crude Output Falls to 1.486mbpd in November – OPEC

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Organisation of Petroleum Exporting Countries (OPEC) reports that Nigeria’s crude oil production, excluding condensate, dropped by 0.7 per cent to 1.486 million barrels per day (mbpd) in November 2025 from 1.496 mbpd in October.

Nigeria’s Crude Output Falls to 1.486mbpd in November – OPEC

OPEC

The figure, drawn from secondary sources in OPEC’s December 2025 Monthly Oil Market Report, fell short of Nigeria’s 1.5 mbpd quota. Direct communication data showed output at 1.436 mbpd, up from October’s 1.401 mbpd, but still below target.

Nigeria produces around 196,028 bpd of condensate, excluded from quota calculations per Nigerian Upstream Petroleum Regulatory Commission figures. Year-on-year, November’s output marked a slight gain over 1.417 mbpd in November 2024.

Expert Cites Insecurity, Governance Gaps

Petroleum economics expert Wumi Iledare described the quota miss as unsurprising, blaming persistent insecurity, an ageing oil basin lacking new finds, and unoffered hydrocarbon blocks. Governance shortcomings and policy uncertainty further erode investor confidence, he noted.

Selective implementation of the Petroleum Industry Act worsens the situation, with Nigeria needing a single authoritative leader for the sector rather than multiple proxies, Mr Iledare stressed. The country has struggled to consistently hit OPEC targets for years.


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